J Street Development - 100 K Street, NE Washington, D.C.

100 K Street, NE

Opportunity Following the acquisition of 111 K Street, J Street approached the owner of the property across the street about their interest in potentially selling their site,100 K Street, NE. These discussions led to the successful acquisition of 100 K Street in July 2007 in a joint venture with entities affiliated with Goldman Sachs. The site is approximately 20,000 square feet located on the northeast corner of First and K Streets, NE and was initially improved by a school bus repair facility that was under lease to Laidlaw Transit through August 2008.	Conceptual design of 100 K Street as Class A office condominium
Value Creation The Venture obtained transferable development rights (“TDRs”) to increase the site density to permit maximum development potential.
Exit Strategy Originally planned and designed as a Class A office condominium, changing market demands in early 2011 led the ownership to believe that a sale as a residential site would be the best use for the property and a sales transaction for 100 K Street to a residential developer closed in August 2011.